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European Central Bank Decision on Exclusion of Staff Members from Presumption of Having a Material Impact on Risk Profile of a Supervised Bank Published in Official Journal of the European Union

On December 1, 2015, the Decision of the European Central Bank on the procedure to exclude staff members from the presumption of having a material impact on a supervised credit institution’s risk profile was published in the Official Journal of the European Union. The Decision relates to the remuneration requirements specified in the CRD. The Decision sets out the procedure that supervised credit institutions should follow for the notification and application to the ECB to exclude members of staff or categories of staff from the presumption of having a material impact on their risk profile. The Decision sets out: (i) the general information required and to be provided to the ECB; (ii) the documentation required to show that a business unit is not material; (iii) the documentation required to show that a staff member’s professional activities have no material impact on the risk profile of a material business unit; (iv) the additional documentation required to substantiate applications for staff members awarded a total remuneration of €1,000,000 or more; (v) the period for filing notifications; and (vi) details related to the assessment process of the ECB. The decision entered into force on December 2, 2015.

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